U.S. Mortgage Rates Fall To New Lows

WASHINGTON (October 3, 2012)--Average U.S. rates on fixed mortgages fell to fresh record lows for the second straight week and the declines suggest the Federal Reserve's stimulus efforts are having an impact.

Mortgage buyer Freddie Mac said Thursday the rate on the 30-year loan dropped to 3.36 percent, down from last week's rate of 3.40 percent, which was the lowest since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage, a popular refinancing option, dipped to 2.69 percent, down from last week's record low of 2.73 percent.

The Fed is spending $40 billion a month to buy mortgage-backed securities.

The goal is to lower mortgage rates and help the housing recovery.

The Fed plans to continue the program until there is substantial improvement in the job market.

Online Public Information File

Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or fccinfo@fcc.gov.